OptionEye....May 24th

July beans were not for the faint of heart. Rumours about China buying and a ton of shorts in the $15.00 call strike had the front month on fire. Pure panic ensued as spreads blew out and July took off to .51 cents higher before settling at almost unchanged.

Corn traded in sympathy as wheat was the rock of the day staying technically and fundamentally strong.

Today should be thinner on the volume side as folks make an early exit for the holiday weekend.

Gold backing off as stocks settle down a bit. Tons of talk about the 'tapering' of QE. Like I said a yesterday I think it is way too premature but the market loves to gossip.

We have had some halfway decent economic numbers this morning with Durable Goods Orders were better than expected as were Capital Goods. Again, the recovery has been painfully slow but it is still a recovery.